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The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Finance recently issued the "Guidance Opinions on Accelerating the Promotion of Mergers and Acquisitions in Major Industries," and clearly promoted the merger and reorganization of the nine major industries such as steel, automobile, and cement. The auto industry is once again among them. I am afraid that the country has transmitted important changes to the automotive industry.
In recent years, the merger and reorganization of the automobile industry has been difficult to a certain extent. The benefit of local industries directly leads to the blooming of auto companies and the low degree of industrial concentration, which largely hinders the further development of mergers and reorganizations.
At the same time, we should also notice that the macroeconomic situation in the past two years is not good, and many unfavorable policies on automobile consumption have been introduced, which has greatly reduced the demand for heat.
The relevant data shows that China has more than 1300 various types of vehicle manufacturing enterprises, among which a group of enterprises have been in production or semi-discontinued state for many years, with little or no output. However, despite the inefficiency of individual companies, they still somewhat beautify GDP, increase employment rates, and contribute to taxation.
Since the 1990s, the National Development and Reform Commission has warned the auto industry of excess capacity. In the automotive industry development plan, it is also proposed that by the end of 2015, the industry concentration of the entire 10 vehicle manufacturers will reach 90%, and 3-5 large-scale automobile enterprise groups with core competitiveness will be formed to promote the horizontal merger and reorganization of vehicle companies.
However, some of the previous mergers and restructurings that have been completed have not been satisfactory. Taking Chang'an Automobile as an example, after the acquisition of Hafei and Changhe, the specific integration work has not started yet, and the enterprises are still pursuing their own affairs. This makes the effect of the acquisition reflected only in the reduction of the number of auto enterprises, and is not reflected in the integration and upgrading of resources. The ultimate goal of the technical level.
In the automotive market, the government and the market are inextricably linked. The policy affects the efficiency and direction of the market at all times. Promoting the merger and reorganization between domestic auto companies will involve all aspects. Therefore, the promotion of mergers and reorganizations is a matter that requires great courage and wisdom. It requires the consensus and compromise of various interest groups.
Faced with the expectation that the auto market is growing at a low rate of 5%-10%, encouraging mergers and reorganizations among enterprises is not just a paper policy, but a major transformation encompassing markets, economy, and society. In this relationship, the joint efforts of the enterprise and the government can take a truly substantial step, and also determine the final “quality†of mergers and reorganizations.